LTL carrier Old Dominion Freight Line watched both revenue and net income rise in the fourth quarter of 2001. However, while revenue for the year increased, net income for 2001 slipped in comparison with 2000.
Old Dominion said revenue in the fourth quarter of 2001 rose 3.3% to $124.4million, up from $120.4 million in the fourth quarter of 2000. Net income for the quarter jumped to $4.1 million, up from $2.5 million for the same quarter in 2000.
However, the fourth-quarter results in 2001 include the sale of operating property for an after-tax gain of $1.24 million and the sale of non-operating properties for a net after-tax gain of $471,000. Excluding these transactions, net income for the fourth quarter of 2001 reached only $2.4 million.
For 2001, Old Dominion saw its revenue increase 5.6% to $502.2 million, up from $475.8 million in 2000. Net income, however, slipped to $11.9 million in 2001, compared to $13.6 million in 2000.
Earl E. Congdon, chairman & CEO of High Point, NC-based Old Dominion, said revenue growth in 2001 came about largely from efforts to increase market share and through the acquisition of Carter & Sons Freightways last February.